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Lock's Cable Corner

  • #5,601
  • Nov 28, 2017 8:47am Nov 28, 2017 8:47am
Quoting Lock
.... If it is only a liquidation to remove weak participants then we could see a failure at last minor bracket high 32674 (if reached). If instead it is something more serious we could obtain acceptation below this level and continue lower towards the lower many weaknesses. In this second case you want to see current building pit gap downside preserved (from yesterday pit low 33152) and not quickly retraced at pit open.
32674: let's see here if it is only a liquidation or something more.
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  • #5,602
  • Nov 28, 2017 9:02am Nov 28, 2017 9:02am
Quoting Lock
About current environment my opinion is that if price at pit open (15:30+1GMT) will be around here, the 2 back to back pit gaps at 33615-3362 and 33223-33233 could not survive. And then, eventually, this could lead the current action to major composite poc 3191.
First pit 1 single pip gap removed 33615-3362 as expected.
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  • #5,603
  • Nov 28, 2017 9:06am Nov 28, 2017 9:06am
Note that at 33233 we do not only have an other 1 single pip pit gap but also 2 poor pit lows at the very same level. Now, I'm not saying it has to go there for sure, I'm saying that if we get acceptation below 32674 odds are in favor to a correction of those poor lows and the single pip gap.
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  • #5,604
  • Nov 28, 2017 9:09am Nov 28, 2017 9:09am
Quoting Lock
Note that at 33233 we do not only have an other 1 single pip pit gap but also 2 poor pit lows at the very same level. Now, I'm not saying it has to go there for sure, I'm saying that if we get acceptation below 32674 odds are in favor to a correction of those poor lows and the single pip gap.
retesting 32674
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  • #5,605
  • Nov 28, 2017 9:57am Nov 28, 2017 9:57am
Quoting Lock
Note that at 33233 we do not only have an other 1 single pip pit gap but also 2 poor pit lows at the very same level. Now, I'm not saying it has to go there for sure, I'm saying that if we get acceptation below 32674 odds are in favor to a correction of those poor lows and the single pip gap.
Quoting Lock
{quote} retesting 32674

Retest of 32674 failed, acceptation below it obtained: and here we are at 33233. Now to continue any lower we need acceptation below 32273 (brexit low). If so, we could aim at 3191 major composite poc.(note that at 30907 there is an other pit poor low)

If not, we could come into balance, considering the new pit session gap working as resistance for today.
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  • #5,606
  • Nov 28, 2017 10:36am Nov 28, 2017 10:36am
We currently have a double distribution in this pit session profile. So in order to establish odds for this action downside don't consider only acceptation or rejection below brexit low 32273 but also monitor for preservation of these current 2 distributions separated by single prints.

If this clean space will be filled uniting the 2 separate distr. into a single one, odds will be in favor to balance or correction upside. If preserved instead, this could lead to a continuation downside.
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  • #5,607
  • Nov 28, 2017 10:38am Nov 28, 2017 10:38am
About brexit low, for now we got a clear first rejection below it. Is it automatic buy at exact level (weak hands) or is it new money stepped in at mid term level?
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  • #5,608
  • Nov 28, 2017 10:50am Nov 28, 2017 10:50am
Note that this is the last period for London. So it could also be closing shorts going home flat for daily traders..
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  • #5,609
  • Nov 28, 2017 10:53am Nov 28, 2017 10:53am
32273 brexit low, second test now.
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  • #5,610
  • Nov 28, 2017 11:57am Nov 28, 2017 11:57am
looks like you need to update your analysis. )))
  • #5,611
  • Nov 28, 2017 11:59am Nov 28, 2017 11:59am
After the clear double failure below brexit low we also got an exogenous event (exogenous for us) and we are currently testing again pit inside month high (3327). Only with an acceptation above it we could imagine a serious participation of bigger participants on the buy side.
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  • #5,612
  • Nov 28, 2017 12:00pm Nov 28, 2017 12:00pm
Quoting asgcorp
looks like you need to update your analysis. )))

Looks like you've better read my posts.
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  • #5,613
  • Nov 28, 2017 12:05pm Nov 28, 2017 12:05pm
Quoting Lock
{quote} {quote} Retest of 32674 failed, acceptation below it obtained: and here we are at 33233. Now to continue any lower we need acceptation below 32273 (brexit low). If so, we could aim at 3191 major composite poc.(note that at 30907 there is an other pit poor low) If not, we could come into balance, considering the new pit session gap working as resistance for today.
We didn't get acceptation below 32273 and we went into balance. Then the new gap downside worked until the exogenous event (the news)

But after this post I also wrote this:

Quoting Lock
About brexit low, for now we got a clear first rejection below it. Is it automatic buy at exact level (weak hands) or is it new money stepped in at mid term level?
So I was perfectly prepared for this scenario and I also advise others in current thread.

And finally:

Quoting Lock
32273 brexit low, second test now.
What I have to write more than this to advise the risk involved in such environment at a so important mid term level??
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  • #5,614
  • Nov 28, 2017 12:06pm Nov 28, 2017 12:06pm
Quoting asgcorp
looks like you need to update your analysis. )))
Didn't see your precious answer.
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  • #5,615
  • Nov 28, 2017 12:13pm Nov 28, 2017 12:13pm
Oh, and btw:

Attached Image (click to enlarge)
Click to Enlarge Name: 2017-11-28_19-10-32_BTW.png Size: 240 KB
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  • #5,616
  • Nov 28, 2017 12:28pm Nov 28, 2017 12:28pm
Quoting Lock
After the clear double failure below brexit low we also got an exogenous event (exogenous for us) and we are currently testing again pit inside month high (3327). Only with an acceptation above it we could imagine a serious participation of bigger participants on the buy side.
Stop hunting with more than 100pips of retracement from higher level. I repeat it here: for any serious participation of bigger timeframes we need acceptation above pit inside month high 3327.
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  • #5,617
  • Nov 28, 2017 12:29pm Nov 28, 2017 12:29pm
its not stop hunting, its news..
  • #5,618
  • Nov 28, 2017 12:43pm Nov 28, 2017 12:43pm
Quoting mades
its not stop hunting, its news..
The rally from 32273 (brexit low) was something that we cannot still specify. Surely triggered by news (exogenous event) but could also involve mid term participants after the failure below brexit low.

The liquidation after the first test above pit inside month 3227 was clearly stop hunting for the weak hands who piled on the rally.

3327 is clearly the mid term to consider now. And this is the main info we got.
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  • #5,619
  • Nov 28, 2017 12:43pm Nov 28, 2017 12:43pm
Quoting Lock
Oh, and btw: {image}
LOL
TULKAS
  • #5,620
  • Nov 28, 2017 12:59pm Nov 28, 2017 12:59pm
Current period is an inside one: balance rules apply. Watch out.
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